It is the dream of many people to become full-time traders. Of those who even venture onto this road, the vast majority decide on day trading stocks. While you could certainly make money this way, you could also lose a lot of money if you don’t make sure first that you understand the basic workings of the stock market.

It is the dream of many people to become full-time traders. Of those who even venture onto this road, the vast majority decide on day trading stocks. While you could certainly make money this way, you could also lose a lot of money if you don’t make sure first that you understand the basic workings of the stock market.
The first step you should take is to open a free demo account at one of the many brokers that offer this. You should not need to deposit any money to open a demo account. Once the account has been activated, you can then make simulated trades using paper money. This is the best way to learn the mechanisms of the marketplace without having to risk your savings.
Since it is highly likely that you would make use of the same company once you want to start trading with real money, you should ensure right from the start that you are happy with the services they provide. They trading commissions should not be exorbitant. When you do day trading, you bargain on making many small profits. You can’t afford to pay large commissions therefore.
Another aspect is that they should provide you with an online trading platform. This is highly preferred over a system where you first have to phone the broker to get in or out of a position. In day trading things sometimes happen fast and you could lose a lot of money if you have to stay another 10 minutes in a losing position.
A company that provides you with free trading tips, SENS notices and live prices would be an excellent choice. Delayed prices are good enough if you want to do swing trading, but for day trading live prices are an absolute must.
Day trading stocks can live up to its promise and provide you with a lucrative part-time or full-time income. It depends on how you approach the situation though. Make sure you do your preparations properly and that you have access to a good broker.
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